Inox targets 68 properties’ roll out by 2010

MUMBAI: Multiplex chain Inox Leisure Ltd, which currently operates 22 properties in India, is now eyeing major expansion. Over the next three years (upto 2010) the company is looking at increasing its business three folds.

Speaking exclusively to Businessofcinema.com on the same, Inox COO Alok Tandon says, “Plans are afoot to start a total of 68 multiplexes (260 screens) by July 2010, which is not inclusive of our deal with the Future Groupâ€™s Pantaloon.”

If operational licenses for all 68 properties come through, the company will have a total of 90 (22 + 68) properties across the country by 2010 (excluding Pantaloon properties).

With an average spend of Rs 22.5 million (Rs 2.25 crores) per screen, the total money being pumped into Inox’s expansion amounts to Rs 5.85 billion (Rs 585 crores).

Inox has an alliance with Pantaloon – a partnership that provides Inox preferential access to all real estate developments, which Pantaloon is involved in either for its own retail growth plans, or through the real estate funds it manages. Currently Inox operates only one property in conjunction with Pantaloon. Under the partnership, the two companies plan to roll out 38 properties.

Tandon further informs, “This expansion is extended to tier I, II and III cities. We already have a big market in West Bengal with properties in Kolkata. This will set to expand further with properties in Jabalpur, Hubli, Belgaon and Asansol. We will also expand in Bangalore.”

Inox Leisure is currently the third largest multiplex chain in India after Adlabs Cinemas and PVR Cinemas.